OpenSea is now one of the top markets for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from a good marketplace can help you get the leverage you require. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you prefer to watch a video instead, check out the review of this channel. They’ll walk you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer the written word, look over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Bible
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even old technology.
As for NFTs, it is possible to collect avatars and digital pet or any other characters that could be sold or acquired. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT prior to when NFT was invented. As of today it is possible to create digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected, such as animated logos of teams.
Virtual Worlds
VR space and other elements can be purchased. You can purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects and even virtual land. One popular illustration could be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
Fixed Price
The seller will be the one to pay the price of the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
For an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
English Auction
The seller will put up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost reasonable.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers receive up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards to pay or transfer funds. Nft Bible
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. Nft Bible
They also offer a range of digital asset, making it one of the biggest NFT marketplaces. Low platform costs are also a great method to earn more income.
Cons
While it is decentralized and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Bible
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach via their contact form. Go to the official site and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, therefore they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through its contact forms. Visit the official site and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they constantly change every now and then.
